and consolidate with this company whenever the said railroad shall SEC. 12. That this act shall be in force from and after its ratification. ers. CHAPTER 99. An act to incorporate The Bank of Weldon. The General Assembly of North Carolina do enact: SECTION 1. That W. R. Smith, S. P. Arrington, E. I. Thomas, J. R. Incorporators. Tillery, C. F. Norment, B. F. Smith, W. R. Wood, Sterling Johnston, W. E. Tillery, W. M. Cohen, Abram Brinkley, E. Clark, Paul Gar. rett, J. T. Gooch, W. F. Parker, J. L. Suiter, W. E. Daniel, their associates, successors and assigns, are hereby constituted and declared a body politic and corporate by the name and style of "The Bank of Corporate name. Weldon," with its principal office and general place of business at Weldon, North Carolina, and by that name may sue and be sued, Corporate powplead and be impleaded in any court in the state, and have a con tinual succession for the term of thirty years. ers. SEC. 2. That the capital stock shall not be less than ten thousand Capital stock. dollars in shares of fifty dollars each, and such capital stock may be increased from time to time as said corporation may elect to a sum not to exceed one hundred thousand dollars. SEC. 3. That the corporators named herein or any three of them Books of subare hereby empowered to open books of subscription to the capital scription. stock of said corporation at such time or times, at such places, and for such periods as they may determine; and the stockholders or a majority of them may at any time at any general meeting called after the organization of said corporation at their discretion reopen books of subscription to said capital stock until the same as herein limited is wholly taken. SEC. 4. Whenever ten thousand dollars shall be subscribed and paid Organization. into the capital stock of said bank, the beforementioned corporators or any three of them may call a meeting of the subscribers to said stock at such time and place and upon such notice as they may deem Directors. Officers. Powers of president and direc tors. Corporate pow ers. sufficient, and such stockholders may elect such directors and so many as they may deem proper and sufficient, who shall hold their offices one year or until their successors are elected, with power in said board of directors to fill all vacancies occurring in their body until any general election thereafter, and said directors may elect a president, vice-president, attorney, cashier, teller, bookkeeper and all other such officers as may to them be deemed necessary to serve during their continuance in office or until their successors shall be elected or appointed by the said board of directors. SEC. 5. The president and directors of said corporation may adopt and use a common seal and alter the same at pleasure; may make and appoint all necessary officers and agents and fix their compensation; shall exercise and have all such powers and authority as may be necessary for governing the affairs of the corporation consistent with such by-laws as may be adopted by the stockholders; they may regulate the terms and rates on which loans may be made and discounts received, not to exceed the rate allowed by law, and deposits taken, and when dividends of the profits and the amount thereof shall be made and declared; they shall fill all vacancies occurring among the officers or agents of the said corporation; they may call meetings of the stockholders at such times and upon such notice as they may deem proper, and at all such meetings of the stockholders said stockholders may be represented by written proxy and each share shall be entitled to one vote. SEC. 6. That said bank may receive and pay out all lawful currency of its own issue under all rights, powers and authority, and under such instructions as may be imposed by the laws of this state and of the United States as to circulation by state banks; may deal in exchange, gold and silver coin, current and uncurrent paper, public, municipal and other securities; and for the purpose of aiding planters, manufacturers and others said bank shall and may have power to loan any sum or sums of money, and to secure the repayment of the same by taking in writing a lien or liens upon the crops to be raised or upon any article or articles then in existence, and shall have power to make loans upon mortgages of real and personal property with power of sale inserted upon default of payment; said bank shall also have power to receive in storage or warehouse any cotton, tobacco, wheat, corn, peanuts, potatoes, oats or any other article of produce, trade or manufacture, as a pledge or pledges for the repayment of the money or moneys loaned upon the faith of the sum so due or advanced thereon, and upon failure to pay at the time agreed upon said property may be sold after the same advertisement as required for sale of personal property under chattel mortgage; said bank may discount notes and other evidences of debt, buy or sell and otherwise deal in all commercial paper of every kind; may loan money to and receive deposits of the same from any and all persons, including corporations, minors, femes covert, upon such terms and the manner and time of collection and payment as may be agreed upon, and may charge such rate of interest as allowed by the laws of the state, and may take and receive such interest at the time of making such loan or at such times as may be agreed upon; said bank may invest in stocks, bonds or other securities of this state, the United States, or any corporation, public or private, of this or any other state in the Union, and may issue its own bonds in such denominations, payable at such time and manner, as it may see fit. SEC. 7. The said bank may purchase and hold property, real, per- Authorized to purchase propersonal or mixed, and such as may be conveyed to it to secure or satisfy ty, &c. any debt due it or for any other purpose, or any sold under any mortgage, execution or order of court to satisfy any debt due it, and may sell and convey the same at pleasure and use or re-invest the proceeds thereof as it may deem best. SEC. 8. That whenever any deposit shall be made by any minor of [or] feme covert to said corporation may at its discretion pay such minor or feme covert such sum or sums as may be required by them from such deposit; and any check, draft, order, receipt or acquittance of such minor or feme covert shall be to all intents and purposes valid in law to discharge the said corporation from any and all liability on account thereof. Deposits by married women, minors, &c. SEC. 9. If any subscriber shall fail to pay for his stock or any part Remedy against subscriber failthereof as the same is required of him, the entire amount upon said ing to pay. stock shall be due and may be recovered in the name of the said corporation by civil action, either in the county of the office of said corporation or of the residence of said delinquent, or the entire stock of the said delinquent may be sold in the town of Weldon after ten days notice at the door of said bank by posting, and if the proceeds thereof shall not be sufficient to discharge the amount unpaid, with all costs and expenses of such sale, the delinquent shall be liable for the balance found still deficient to be collected as aforesaid by civil action; or such stock, after ten days notice given by the cashier to such delinquent in writing, may be sold privately to the best and highest bidder on the market for the same. And if any subscriber shall assign his stock before full payment he and all subsequent assignees shall be liable to said corporation jointly and severally, and such subscription shall be a promissory note with the assignees thereof endorsers payable to said corporation. SEC. 10. That said bank shall have the right to act as agent, factor, Corporate powor trustee for any state, county, township, town or other municipality ers as agent, &c. or corporation, company or individual, on such terms as to compensation and commission as may be agreed upon, in registering, selling, countersigning, collecting, acquiring, holding, dealing and disposing of on account of any state, county, township, town, municipality, corporation, company or individual, any bonds, certificates of stock, Corporate pow. ers as to deposits, trusts, &c. Liability of stockholders for cor porate debts, &c. Savings bank department. Agencies. notes or any description of property, real or personal, or for endorsing or guaranteeing the payment of said bonds, certificates of stocks, notes, etc., and generally for managing such business; and for doing any and all other matters and things authorized by this charter said corporation may charge such premium, commissions, or rate of compensation as may be agreed upon and which is not prohibited by law. SEC. 11. That said corporation is hereby authorized to receive on deposit all valuables, gold, silver, precious metals, jewels, plate, certificates of stock, bonds, evidences of debt, instruments of title, and all other things of value which may be left on deposit with corporation for safe keeping, and shall be entitled to charge such commissions or compensation as may be agreed upon; and that said bank is authorized and empowered to accept and exercise any trust of any and every other description which may by its consent be committed or transferred to it by any person or persons whomsoever; by any bodies, politic or corporate, public or private, and to accept the office of executor, administrator, collector, guardian, or assignee whenever such appointment is made or conferred by any person or persons or court of the state or of the United States, and shall be clothed with the same powers and shall be under the same restrictions as private individuals in the same capacity. SEC. 12. No stockholder shall be in anywise individually liable or responsible for any debts, obligations, contracts or engagements of said bank beyond the amount subscribed by such stockholder, and no stockholder shall be individually liable to depositors or other creditors of said bank beyond the amount of stock subscribed by each stockholder. SEC. 13. Said bank is fully authorized and empowered to organize in connection with its general banking business a department for savings and to do a general savings bank business for the convenience of small depositors and to make such regulations in regard thereto, not inconsistent with the laws of the state, as will enable it to receive small deposits in said savings department in any sum or sums as desired in any single case; and may give certificates or other evidences of deposit, and to pay such interest as may be agreed upon, not exceeding the rate allowed by law, and to regulate the time of payment and notice of demand; and the same officers elected by the board of directors for the general business may be also placed in control of the savings department. That such savings department shall be in nowise be considered separate and distinct of said corporation, but in all respects a part and parcel thereof and regulated by the provisions of this act; and to the savings department the bank itself shall be liable for their final payment as to its general depositors and creditors. SEC. 14. The president and directors may establish agencies of this bank at such times and places as they may designate, and such agen cies may be removed or terminated at any time; such agencies shall SEC. 15. That the business in the town of Weldon, North Carolina, known as "The Bank of Weldon," a general banking business conducted by the incorporators herein mentioned and their associates, shall be deemed and considered as organized under this act and entitled to its provisions whenever the said incorporators shall meet together and accept this act, their acceptance to be noted in the record kept of said meeting; and the said record shall be evidence of the organization of The Bank of Weldon under the provisions of this act. SEC. 16. That this act shall be in force from and after its ratification. "Bank of Weldon," "now conducted by incorporators, to be considered as organized, &c. CHAPTER 100. An act to amend the charter of the Wilmington and Weldon Railroad Company, and to provide for taxing the property of said company in like manner as other property is taxed, and to adjust all differences between the state of North Carolina or any county, city or town in said state and said company. WHEREAS, It is claimed that the general assembly of North Carolina Preamble. by the original charter of the Wilmington and Raleigh Railroad Company, which is now the Wilmington and Weldon Railroad Company, granted an exemption from taxation on certain property and stock of said company, and conferred upon said company the power to fix freight and passenger rates; and it is represented to this general assembly that said company is now ready to surrender all its exemptions from taxation and all its powers to fix rates on the terms hereinafter set forth, and it is desirable that all matters of controversy between the state or any county, city or town therein and the said company shall be amicably adjusted: The General Assembly of North Carolina do enact: SECTION 1. That the act of the general assembly of the state of Chapter 78, laws 1833-34, amended. North Carolina ratified on the third day of January, eighteen hundred |